Jack Dorsey says Square is ‘considering’ building a Bitcoin mining system

MIAMI, FLORIDA – JUNE 04: Jack Dorsey creator, co-founder, and Chairman of Twitter and co-founder & CEO of Square speaks on stage at the Bitcoin 2021 Convention, a crypto-currency conference held at the Mana Convention Center in Wynwood on June 04, 2021 in Miami, Florida. The crypto conference is expected to draw 50,000 people and runs from Friday, June 4 through June 6th. Jack Dorsey stated that Square is “considering” building its own Bitcoin mining network using open-source software and custom silicon. Dorsey stated that Square is looking into building a Bitcoin mining platform using custom silicon and open-source software for individuals and businesses around the world. A Twitter thread Friday

He said that such a project would be similar to the bitcoin. Hardware wallet Square started work on this project earlier in the summer. Building a mining system is much more difficult for Square than building a wallet. As Dorsey notes, creating custom chips is a costly task and would present a new challenge for the payments company. They have been a strong supporter of Bitcoin.

Dorsey stated that mining needs to be more efficient. It is important for Bitcoin’s economics and impact as well as its scalability to move towards efficient and clean energy. Innovation in silicon, software and integration is required to solve the problem of energy.

Dorsey did not provide any details on how the mining system would work, as he did with earlier tweets regarding plans for a hardware wallet. He stated that the goal was to make mining more efficient, accessible to more people and address two important issues in cryptocurrency mining.

The Bitcoin-related power consumption has reached Highs In recent years, there has been an increase in Major concerns About the impact of cryptocurrency on climate change. The prices and scarcity of mining has also risen, making it more difficult for average crypto enthusiasts to mine their coins on their own.

Dorsey stated that bitcoin mining should be as simple as plugging in a rig to a power source. It is not clear if Square will be able accomplish this. He stated that Square would conduct a deep technical investigation to determine if it can take on the project and will be seeking feedback.